Ghana cedi ranked as 6th worst-performing currency globally – Professor Steve Hanke

US-based economist Professor Steve Hanke has once again criticised President Akufo-Addo’s handling of the Ghanaian economy, calling it a "masterclass in mismanagement," as the Ghana cedi has been ranked as the 6th worst-performing currency globally.

According to Hanke’s #CurrencyWatchlist, the cedi has depreciated by roughly 24 percent against the US dollar since January 1, 2024.

He shared this via a post on X formerly Twitter on September 26, 2024.

This latest development highlights Ghana’s mounting economic challenges, which include ballooning debt currently pegged at GH¢761.2 billion at the end of July 2024, high inflation, a weakening fiscal position, among other indicators.

Currently, the cedi is trading around GH¢16.45 to US$1 on the retail market, leading to a high cost of living and decreased investor confidence.

The current economic challenges in Ghana have led the ruling NPP government to seek financial assistance from the International Monetary Fund (IMF) under a three-year Extended Credit Facility program.

Meanwhile, the Akufo-Addo-Bawumia government has faced increasing scrutiny, with critics attributing the cedi's decline to poor fiscal management, policy missteps, and a failure to adequately address Ghana’s structural economic challenges.

See Prof. Hanke's post below

#GhanaWatch🇬🇭: PRES. AKUFO-ADDO = A MASTERCLASS IN ECONOMIC MISMANAGEMENT.

The Ghanaian cedi checks in as the WORLD'S 6TH WORST currency on this week's Hanke's #CurrencyWatchlist.

It has depreciated by ~24% against the USD since Jan 1st. pic.twitter.com/uCn7mD8LD2

— Steve Hanke (@steve_hanke) September 26, 2024

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